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Let 95% Eat Cake

Posted by Vonnie on Tuesday, August 19, 2008 6:03:58 PM
Obama purposes that 95% of taxpayers will receive a tax cut, for an overall tax cut.
 
This is misleading.
 
Yes, it cuts the taxes of 95% of the taxpayers.
 
Yes, it brings the taxes of the rich to what the rate was in the 1990's.
 
But, because he is giving out so much of the rich's money to the remainder, he does not have enough to buy those votes.
 
The rich will have an additional tax of $131 bln to give to 95% taxpayers for an additional tax cut $155 bln.  This Obama Tax cut results in a $24 bln deficit to add to the nearly one trillion of Obama purposed give-away programs.
 
Last year's tax collected was more than any other time in history.  If the rich are taxed more, they invest less and on safer risks.
 
This means less jobs, less pay raises, less research, less invention, less cures, less charity.
 
Then, because the rich have less invested, they will have less income to tax.
 
Obama is assuming that the earned income will stay constant, therefore receiving an additional tax rate for the same earned income to get to his $151 bln.
 
This extra 4.5% tax hike will cause the rich  to retract and earn less income than today.  So, instead of collecting more than anytime history and instead of receiving an extra $131 bln, Obama will not have the additional $131 bln and then some.  Obama will have to come up with this $131 bln plus that he had promised out to the 95%.  Let them eat cake.
 
See this link for reference: http://taxfoundation.org/publications/show/23319.html
 
So, Obama will blame Bush or the rich for using loop-holes.
 
This is how they justify their acquations.  They say 60% of companies do not pay their taxes.  But, disclose with less publicity in the study that 85% of these companies did not make a profit or had loses.  Large corporation with large profits do pay their fair share taxes. 
 
Some want to re-distribute wealth from corporations or rich no matter how hard they work.  They want the rich and corporations to hand over to those who do not know how to produce efficiently.  Those non-producers are the congress persons.
 
Then, Obama will tax the corporations that leave this country.  I call this a one-time tax for the cost of doing business.
Tags: Obama tax  
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Exxon Huge Stock Buyback Myth

Posted by Vonnie on Thursday, August 07, 2008 3:50:08 PM
Congress has repeated continously that Exxon buying most of its stock back in order to make more profits.  You know, evil profits.
 
Any money movement in any corporation is required to be reported into statements that have to be filed to the SEC.
 
I checked these statements.  Exxon stock purchases are inline with previous history.
 
Further, I checked insiders.  The government requires top management and their family to file these types of buys and sells.  I checked the insider reports with no alarming purchases or sells.
 
Their stocks are purchased regularly to compensate employees.  They do not time these to insure the lowest possible stock price.  They are purchased every quarter, like at the end of the quarter.  Last quarter was nine million shares, but this is only 1.7% of its total shares.
 
Using stats from this myth, one billion shares were bought in each of the last three years, for a total three billion shares: 

Exxon has a total outstanding of 5.19 shares. 
At 78, this cost 234 bln.  
 
Think how they were able to hide this from public scrutiny:  
  •  The total revenue in the last three years is 1.15 trl with cost of revenue of 659 bln, leaving 491 bln. 
  • Applying taxes (81 bln), research (258 bln), other (36 bln), leaves the net income is 116 bln for the last three years. 
  • If they could buy this without reporting, they would have no profit and 118 bln debt, resulting in no liquity.  How could they pay their employees or pay for drilling sites that cost $350k per day? 
  • They would have to sell something worth 118 bln to get out of debt.  
  • They would have sell even more or make loans to meet operations. 
  • The next statement is this why they sold their service stations.
 The total number of Exxon service stations is 12,000.  Exxon owns 2,220 of these.  The remaining 9,780 service stations are owned currently by families and other non-related companies.  Exxon plans to sell out of their interest because they do not receive enough profit from them.  The announcement has not disclosed the sell amount, but I will try to estimate.  Say on the average a service station costs 10 million.  This is 22 billion.  See announcement is http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/061308dnbusexxonstatons.263f5e44.html
 
To recap, they would have to report zero profit, 118 bln debt, loan against future service stations selling of 22 bln, and break the law by not reporting the large stock purchase.
  
People, no matter what their status, can write anything.  
 
As they say, don't believe your lying eyes.  Even though we see the logic, they want us to believe what someone writes.
 
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Bush Tax Cuts for the Rich Myth

Posted by Vonnie on Thursday, August 07, 2008 3:30:09 PM
Bush tax cuts are for the rich.  This is another make it up, not look it up.  I looked it up.
 
For a married couple filing jointly making $50,000, they have had the following earning range and tax rates over the years.
 
Before Bush Tax Cuts
Year 2000 Tax Bracket:
43,850-105,950; 28%
 
Year 2001 Tax Bracket:
45,200-109,250; 27.5%
 
Year 2002 Tax Bracket:
46,700-112,850; 27%
 

After Bush Tax Cuts
Year 2003 Tax Bracket:
14,000-56,800; 15%
 
Year 2004 Tax Bracket:
14,300-58,100; 15%
 
Year 2005 Tax Bracket:
14,600-59,400; 15%
 
Year 2006 Tax Bracket:
15,100-61,300; 15%
 
Year 2007 Tax Bracket:
15,650-63,700; 15%
 
Year 2008 Tax Bracket:
16,050-65,100; 15%
 
You could say this family could make more over the years.  If you look at the ranges, they advance to adjust for inflation.
 
 
This Family's Tax Savings:
13% tax rate savings from 2002 to 2003
$6,500 tax amount savings for each year of 2003-2008
 
Even if this family gets a 10% raise, the amount savings are:
Year 2002: 50,000 * 27% for 13,500 tax
Year 2003 for 10% raise: 55,000 * 15% for 8,250
$5,250 tax amount savings for each year of 2003-2008
 
 
But, if the family moves up faster than the earning ranges do, then the next tax brackets are:
 
After Bush Tax Cuts
Year 2003 Tax Bracket:
56,800-114,650; 25%
 
Year 2004 Tax Bracket:
58,100-117,250; 25%
 
Year 2005 Tax Bracket:
59,400-119,950; 25%
 
Year 2006 Tax Bracket:
61,300-123,700; 25%
 
Year 2007 Tax Bracket:
63,700-128,500; 25%
 
Year 2008 Tax Bracket:
65,100-131,450; 25%
 
This Family's Tax Saving
Year 2002: 50,000 * 27% for 13,500 tax
Year 2003: 60,000 * 25% for 15,000 tax
Year 2003 without the tax cuts: 60,000 * 27% for 16,200
$1,500 more taxes on 10,000 more earnings
$1,200 tax savings if no Bush Tax Cuts.
 
 
Some Rich Tax Facts:
  • The tax rate cut on the top 1% decreased from 39.5% to 35%, for a tax rate savings of 4.5%
  • Only 2% of the rich had their wealth given to them
  • The remaining 98% worked themselves up into the wealthy bracket
  • The number of millionaires have doubled since 2000
  • In 2000, the top 1% paid 25% of the tax revenue collected.
  • In 2008, the top 1% paid 40% of the tax revenue collected.
  • In an article comment, a person said well the rich make 80% of earned income.  No, not true.  This commenter made it up, not looked it up.
    • In 2007 where I have this type of records, the top 1% were 1,357,192 taxpayers for 1.7 trl earned income of the total earned income of 8.1 trl, which is 21%.
    • This top 1% taxpayers and 0.3% of the population, paid 408 bln of the total collected of 1.0 trl, which is 40.8%.
    • To recap, the top 1% earn 21% of income, not 80% of the income.  And, they paid 40.8% of the total taxes collected.
    • Even if you say use the top 5%, they earn 2.0 trl of the 8.1 trl income and pay 616 bln of the 1.0 trl tax collected.
    • To recap this top 5%, the earnings is 25% of income and the tax they pay is 62% of the total taxes collected.
  • The tax is progressive, where the rich have the greater burden.
  • The government has collected more tax revenue than any time in history.
  • I thankful for every rich person that has provided me jobs I have had in my life.
  • You may think if we did not have this tax cut we could collected more.  No, not true.  I have lived in the business world all my life.  I know the retraction of work when the companies can not invest because of their expenses.  Adding taxes, adds to their expenses.  And to recoup their expenses, they pass it onto their customers.  So they earn less, pay less taxes, and add expenses to the lower level taxpayers.
  • All government programs have continued percent increase every year.  I watch C-Span, which is directly from congress, not filtered through a news and entertainment programs.  Congress works overtime to fund these government programs and take vacation when it is time to solve economic problems.
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